Cable’s intra-day selloff has dampened our bullishness and signals the rebound from recent low of 1.5805 has ended at 1.5985 and downside risk is seen for weakness towards 1.5805-08, however, break there is needed to confirm recent decline form 1.6063 top has resumed and extend weakness to previous support at 1.5770 which is likely to hold on first testing.

In view of this, we are exiting our long position entered at 1.5880 and look to sell cable on recovery. Above the Ichimoku cloud bottom (now at 1.5890) would bring recovery to the Ichimoku cloud top (now at 1.5935) but 1.5970 should cap upside, bring another decline later.